2015 Counselor Update

What you need to know about financial aid and EducationQuest Foundation

Agenda

Financial Aid Update■ FAFSA changes ■ Types of financial aid ■ New FSA ID ■ Financial aid process■ Financial aid formulas

Nebraska Coordinating Commission ■ ACE■ GAP■ Tracking FAFSA completions

EducationQuest Programs and Services■ Resources for students■ College Fairs■ Scholarship tools■ College Access Grants

EducationQuest Foundation is a nonprofit organization with a mission to improve access to higher education in Nebraska.

About EducationQuest

Of 10 students who start high school in 9th grade:

7.9 will graduate from high school in 4 years.

5.5 will enter college within 12 months of graduation.

4 will return for their sophomore year.

2.7 will graduate within 150% of time.

Nebraska Higher Education Pipeline

Where Nebraska students are going to college

Community Colleges

University of Nebraska System

Independent Colleges

State Colleges

Private Career Schools

6.6%

3.1%

20.1%

33.5%

36.7%

FAFSA changes

■ College’s identification will be blocked■ Adjustment to tax liability question:– Allows for premium payments made to insurance

provider (per ACA)– For example: Income tax amount is on IRS Form: • 1040—line 56 minus line 46 • 1040A—line 28 minus line 36• 1040EZ—line 10

FSA ID replaces PIN

■ Request at fsaid.ed.gov– Student and parent must each get one

– Provide email, username and password

– Provide SSN, name, address, date of birth

– Answer 4 challenge questions and pick a unique date

■ Email will be verified

■ Use for:– Data Retrieval from IRS

– Electronic signature for FAFSA and Promissory Notes

– Access to grant and loan history

FSAID.ED.GOV

Types of financial aid

■ Scholarships (merit and need-based)

■ Grants* (need-based)

■ Work-Study* (need-based)

■ Loans* (need-based and non-need-based)

* Based on FAFSA results

Common scholarship criteria

• GPA• ACT/SAT

score

•Financial need •first-gen•ethnicity

•College choice•Field of

study

•Talents•Activities•Community

Service

•Disability

Scholarship tips for students

Focus on college-based and local

scholarships.

Review ScholarshipQuest and national search sites.

Begin scholarship research in 10th &

11th grade.

Use College Funding Estimator to determine

EFC that is used for need-based awards.

Provide Activities Resume when requesting a letter

of recommendation.

■ Three $500 scholarships ■Winners selected in February■ Parent or student (junior or

senior) must attend an FAP■Must attend nonprofit

Nebraska college■ Last year’s winners were from:− Friend− Brownell Talbot − St. Paul

Financial Aid Program Scholarship

■ New dates– Online application opens: November 1, 2015– Deadline: February 1, 2016– Student Aid Report due March 15, 2016

■ Eligibility Requirements– Recommendations must use online form– Financial need = EFC below 15,000

■ Amount of Award– Maximum - $4,350 per semester– Varies at institution

Buffett Scholarshipwww.buffettscholarships.org

Buffett Scholarshipwww.buffettscholarships.org

■ Renewable– Maintain 2.0 or higher GPA– Earn at least 18 credit hours each calendar year– Renewable up to five years (four-year college) or

three years (two-year college)

■Watch counselor listserv for details and training opportunities

Grants

■Money students don’t repay; based on financial need– Federal• Pell Grant (range $626 - $5,775)

– EFC - $5,198 or less

• SEOG

– State• Nebraska Opportunity Grant

– College-based

Tuition Assistance ProgramsIf criteria is met, tuition is covered

Collegebound Nebraska

−UNO, UNL, UNK, UNMC−NE resident, full-

time student, Pell-eligible− Complete FAFSA

by April 1

Advantage−Wayne, Peru,

Chadron−Must be freshman

or returning student−NE resident, full-

time student, Pell-eligible− Complete FAFSA by

June 1

Access NWU−NE resident, full-

time student−ACT of 25 or higher,

GPA of 3.0 or higher− Live on campus− EFC of $1,000 or

less− Complete FAFSA by

March 1

Work-Study

■ Based on financial need

■ Allows students to earn money while attending college

■ Paid for hours worked– Shouldn’t expect money up-front to pay tuition

■ Earnings will not impact financial aid the following year

NameInterest accruing while in school?

Type

Need-basedNo

Perkins

Discontinued

Direct Subsidized loan

Non-need-based

Yes

Direct Unsubsidized

loan

Parent PLUS loan

Student Loans

Student Loan Interest Rates

Subsidized Stafford4.29%

Unsubsidized Stafford4.29%

Parent Loan

6.84%

■ Subsidized Stafford interest paid by student during grace period

■ Interest rates change annually

Time-and-a-Half Limits

Pell Grants and Loans■ Limited to 150%– Associate Degree 2 years + 1

– Bachelor’s Degree 4 years + 2

NSLDS.ed.gov■ Access with FSA ID

■ Grant and Student/Parent Loan History

Financial Aid Process

FSA ID

FAFSA

Processor

StudentCollege

SAR

Verification Award Notification

Student Loan

This is how the financial aidprocess works:

Student Aid Report (SAR)

■ Provides Expected Family Contribution (EFC)■ Indicates if chosen for verification■ Identifies Pell Grant & loan eligibility■ Lists grant and loan disbursement history

■EFC = Expected Family Contribution

FAFSA results

■ College uses EFC to determine the type and amount of aid to award the student

Lower EFC

Greater Financial

Need=

Cost of Education

Tuition & Fees

Room & Board

Books & Supplies

Personal & Transportation

Financial aid formula

Cost of Education

Tuition & FeesBooks & Supplies

Room & BoardPersonal

Transportation

Parent Income/AssetsStudent Income/Assets

Parent’s Age# in Household

# in College

The amount of money the college will

try to give you in financial aid

EFC Financial Need

Automatic ZeroStudent automatically qualifies for zero EFC if both (1) and (2) are true

(1) In 2014 or 2015, anyone in parents’ household received benefits from any of these federal programs:

• Supplemental Security Income (SSI)• Supplemental Nutrition Assistance Program (SNAP)• Free and Reduced Price School Lunch Program• Temporary Assistance for Needy Families (TANF)• Supplemental Nutrition Program for Women, Infants, and Children

(WIC)

– OR parents were eligible to file 2015 IRS Form 1040A or 1040EZ

– OR parents were not required to file any income tax return

– OR parent is a dislocated worker

(2) 2015 income of student’s parents is $24,000 or less

Simplified Formula*Used for dependent students if both (1) and (2) are true:

(1) In 2014 or 2015, anyone in parents’ household received benefits from any federal program listed on Automatic Zero slide– OR the student’s parents could file a 2015 1040A or

1040 EZ IRS Form

– OR were not required to file any income tax return

– OR the student’s parent is a dislocated worker

(2) Parent(s) 2015 Adjusted Gross Income is UNDER $49,999

*Assets excluded

Regular Formula*Used for dependent students if both (1) and (2) are true:

(1) In 2014 or 2015, NO ONE in parents’ household received benefits from any federal program listed on the Automatic Zero slide

(2) Parent(s) were required to file a 2015 IRS Form 1040 AND Adjusted Gross Income was OVER $49,999

*Assets are included – see table for Education Savings and Asset Protection Allowance

$01,0002,1003,1004,1005,2006,2007,2008,3009,30010,30011,40012,40013,40014,50015,50015,90016,30016,60017,000

$01,0002,1003,1004,1005,2006,2007,2008,3009,30010,30011,40012,40013,40014,50015,50015,90016,30016,60017,000

$05001,1001,6002,1002,6003,2003,7004,2004,7005,3005,8006,3006,8007,4007,9008,1008,3008,5008,600

17,40017,80018,30018,70019,20019,70020,20020,70021,30021,80022,40023,00023,70024,30025,00025,70026,40027,20027,90013,90029,600

8,8009,0009,2009,4009,7009,90010,10010,40010,60010,90011,10011,40011,70012,00012,30012,60012,90013,20013,60013,90014,300

$17,840

22,220

27,400

32,380

37,870

$14,790

19,180

24,390

29,320

34,820

$16,130

21,350

26,290

31,780

$18,300

23,240

28,730

$20,200

25,690

$4,270$3,040

$25,000 to $380,000

$380,100 to $635,000

$635,001 or more

$177,500 + 60% of NW over $380,000

$330,500 + 100% of NW over $635,000

Income impact on EFC – family size 4Income increases, assets remain level

Family A Family B Family C

Income $50,000 $100,000 $150,000

Assets(excluding

retirement-specific accounts)

$50,000 $50,000 $50,000

EFC $3,120 $18,611 $33,498

Asset impact on EFC – family size 4Assets increase, income remains level

Family A Family B Family C

Income $50,000 $50,000 $50,000

Assets(excluding

retirement-specific accounts)

$0 $75,000 $100,000

EFC $2,251 $3,798 $4,551

CCPE Update

■ ACE Scholarship■ Ace “Career Program of Study” Scholarship■ Community College GAP Assistance Program■ Tracking FAFSA Completions

■ Pays tuition/fees for high school students enrolled in a college course (dual-enrolled or concurrently-enrolled)– No more than 2 classes per term

■ Student or parent/guardian must be eligible– Supplemental Security Income (SSI) – Free/Reduced Price Lunch – Temporary Assistance for Needy Families (TANF) – Food Stamps (SNAP)– Special Supplemental Nutrition Program (WIC)– Extreme Hardship

■ Eligibility documentation required with application

ACE Scholarshipwww.ccpe.ne.gov/ace

ACE “Career Program of Study” Scholarship

■ For low-income students pursuing a career that typically requires a diploma or certificate

■ Eligibility criteria:– Family income at or under 200% of federal poverty

level– Student enrolled in a Career Program of Study • at least one course must be part of a sequence of courses

found at http://cestandards.education.ne.gov/

– A local business or industry must serve as an official advisor to the program

■ Limited to $250 per term

New FAFSA Completion Project

■ Can now track FAFSA completions by student■ Schools must register with CCPE to participate– Submit contract by Dec. 15, 2015

■ CCPE will run weekly reports starting Jan. 2016– Show students’ FAFSA status (started, submitted,

missing signature, completed, etc.)■ Initiated by DOE to increase number of students

who complete the FAFSA and thus go on to college

■ Watch bulletins and listserv for more details

Community College GAP Assistance Program (GAP)

■ Effective for 2016-2017 school year■ Funding for community colleges to award to students in

eligible “not-for-credit” programs such as certificate, diploma or degree

■ Eligibility Criteria:– Nebraska resident– Family income at or below 250% of poverty– Must complete readiness assessment – Valid for six months– Funding for only one eligible program– Program must have 16 contact hours or more

GAP

■ In-demand occupation means:– Financial services– Transportation, warehousing, distribution logistics– Precision metals manufacturing– Biosciences– Renewable energy– Agriculture and food processing– Business management and administrative services– Software and computer services– Research, development, engineering services– Health services– Hospitality and tourism– Any other industry designated as an in-demand occupation by the

committee

GAP

■ Committee awards grant in any amount up to eligible costs– Tuition– Direct training costs– Required books and equipment– Fees, including but not limited to• Testing• Background checks

■ Denied if funding from other source available

Questions?

EducationQuest Update

■ KnowHow2GO Handbook■ 8th, 9th & 10th Grade section

at EducationQuest.org■ KnowHow2GO Activities

‒ 20 activities that relate to each KnowHow2GO step

Resources for students in grades 8-10

■ Find resources in the Professionals section at EducationQuest.org (under “KnowHow2GO to College”

Resources for students in grades 8-10

Step to the Top of the Class Demonstrates an activity that helps students understand how their choices can impact their future.

College students share stories In 8th, 9th & 10th Grade section, each step features a video of students explaining how that step impacted them.

New videos:

Find resources in the Professionals section at EducationQuest.org (under “KnowHow2GO to College”

Resources for 11th-12th Grade Students

EducationQuest has resources to help students:

■ explore careers

■ search for colleges

■ Find scholarships

■ complete the FAFSA

■ learn about student loans

Resources for 11th-12th Grade Students

Handbooks

WebsiteMonthly Emails

Fall College Fairs

There will be spring fairs in Lincoln and Omaha, dates TBD

Barcodes and Scanners

■ Scanners – used by most colleges at College Fairs and EPPs

■ Barcodes – each student should register at NebraskaCollegeFairs.org‒ Print and take the barcode to the fair, or download

to mobile device‒ Can be reused at spring fairs

■ ScholarshipQuest– Database of over 2,000 local and state scholarships

at EducationQuest.org– Send us your scholarships so we can include them!

■ Scavenger Hunt Scholarship– To apply for this $500 scholarship, students in 9th-12th grade set up a ScholarshipQuest profile• Deadline - March 31

Scholarship Resources

Apply2College!

■ Statewide campaign– Schools encouraged to

hold event during the school day to help seniors complete applications

■Official dates – Oct. 19-30–Over 150 high schools have registered

■ Find details and resources under “Professionals” at EducationQuest.org

■Will award a new round of grants next summer– Funding is for 2016-17 to 2020-21– Opportunity to develop and/or enhance college

access activities and programs at your school■ Application available this fall■ Schools interested in applying must send a

representative to our College Access Symposium– March 31 in Lincoln – save the date!

College Access Grants

Outreach Services

■ Our Outreach Services team provides college planning services to clients of community agencies statewide

■ They’re a valuable resource for students who:– are in foster care– are wards of the state– use Voc Rehab

Coffee Break Webinars

■Will conduct three webinars this year:– Financial Aid Update (September 24, 2015)– Buffett Scholarship (November 2015)– FAFSA completion/FSA ID (January 2016)

Financial Avenue

■ Financial literacy tool from Inceptia

■ Newly revamped to make it more student-friendly– New look and tone– Mobile-friendly

■ Free for Nebraska schools– FinancialAvenue.org

– New access code is: pr3kq

Financial Avenue

Follow us!

■ Facebook.com/EducationQuest■ Twitter: @FreeCollegeHelp■ Instagram.com/EducationQuest– Encourage students and parents to follow us, too!

Kearney800.666.3721308.234.6310

Lincoln800.303.3745402.475.5222

Omaha888.357.6300402.391.4033